When it comes to making a living, there are two options: being in business for yourself or being employed by a company or an individual. Of these two options, there is great latitude in what is considered being in business for yourself, especially if you take advantage of business opportunities. In fact, some business opportunities so closely mirror employment, that many people mistakenly consider them jobs. But in reality business opportunities are not in this category. To understand the difference, read on as this article will explain in detail how things work with business opportunities versus regular employment.
Firstly, most business opportunities will require a person to fill out a 1099 versus a W-2, which is the tax form used for regular employment by companies. Both forms will alert the IRS that you need to pay your taxes, but the 1099 does not actually allow for deductions like a W-2 does. When you use a 1099 you have to pay for your taxes on your own. This is one of the major disadvantages to working with business opportunities, especially if you make a lot of money. To try to avoid problems, make sure you keep a close record of all of your business...
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